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Equivalent Units of Production
Overhead
General
How To
100
The number of units that could have been completed if all effort had been applied to units that were started and completed that period.

What is equivalent units of production?

100

Single Plantwide Overhead Rate

What is a method of assigning overhead costs to a product using a single overhead rate?

100

Direct Materials, Direct Labor and Factory Overhead

What are the three product costs?

100

EUP Completed and Transferred Out + EUP in Ending Work in Process

What is the formula to calculate Equivalent Units of Production (EUP)?

200

100%

What is the percentage applied to goods transferred and completed?

200

Departmental Overhead method and Activity-based Costing

What are overhead allocation methods that use more than one overhead rate?

200

Work in Process Inventory

What inventory are direct things debited into?

200

Beginning units in WIP + Additional units added to WIP - Ending units in WIP

What is the formula for calculating units transferred to the next inventory or finished goods inventory?

300

% of completion of ending work in process

What is the percentage you need to calculate equivalent units of production for remaining in ending work in process?

300

Costs that cannot be traced directly to a product

What is Factory Overhead?

300

Factory Overhead

Where are indirect things debited?

300

Budgeted Overhead Costs divided by Budgeted Allocation Base

What is the formula to calculate the single Plant-wide Allocation rate?

400

Direct labor + Factory Overhead

What are Conversion Costs?

400

Production departments in the first stage and then the unit of product in the second stage

What are the cost objects for the Departmental Overhead method?

400

Finished Goods Inventory

Which inventory can we sell product out of?  Also which inventory do we use to calculate Cost of Goods Sold?

400

Budgeted Departmental Overhead Costs divided by Budgeted Departmental Allocation Base

What is the formula to calculate Departmental Allocation Overhead rates?

500

Process Cost Accounting System

What is the system of accounting in which the costs of each process are accumulated separately and then assigned to the units of product that pass through the process?  Uses EUP to assign costs.

500

Causes costs to be incurred in Activity-based Costing.

What are activities?

500

Sustain facility capacity as a whole and are not caused by any specific product.

What are Facility level activities/costs?

500

Actual amounts are debited into the account and applied amounts are credited out of the account

What is Factory Overhead?